Charity Registration No. 219102
BMA CHARITIES TRUST FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BMA CHARITIES TRUST FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr R Wijesuriya (Chair) Dr R Barnett Dr K Mehta Dr L Patel Dr T Pickersgill Dr M J Platt Mr K Ward (Vice Chair) Dr B Jheeta Ms R Podolak (Appointed 7 July 2025) Dr A Kochhar (Appointed 25 June 2025) Dr P Holden (Appointed 25 June 2025) Dr Hull (Resigned 25 June 2025) Dr Major (Resigned 7 July 2025) Director Ms M Flint Charity number 219102 Principal address BMA House Tavistock Square London WC1H 9JP Auditor Begbies 9 Bonhill Street London EC2A 4DJ Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA Solicitors Wilsons Alexandra House St Johns Street Salisbury SP1 2SB Investment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
BMA CHARITIES TRUST FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Statement of trustees' responsibilities | 6 |
| Independent auditor's report | 7 - 9 |
| Statement of financial activities | 10 - 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 29 |
BMA CHARITIES TRUST FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Registered Charity No. 219102
The Trustees have pleasure in presenting their Annual Report, together with audited Financial Statements for the year ended 31 December 2025. The Charity remains registered with the Charity Commission for England and Wales but its assets and staff were transferred to the Charitable Incorporated Organisation, BMA Charities (registered charity number 1214904) on 7 November 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The BMA Charities Trust Fund was established by a Trust Deed in 1925. It is an unincorporated charity.
The Fund is managed by a board of ten Trustees. Four of these are appointed ex officio: the Chair of the British Medical Association (“BMA”) Representative Body, Dr A Kochhar, the BMA Treasurer, Dr P Holden, the Chairman of the Dain Fund (an autonomous charity), Dr B Jheeta, and the Secretary/Chief Executive of the BMA, Ms R Podolak. Four other Trustees are nominated by the BMA’s membership at the Annual Representative Meeting (“ARM”) to serve a term of four years and appointed by the board, and one trustee has been co-opted to serve for two years so that the board has the wide range of skills necessary to enable it to carry out its duties effectively.
In 2009 the charities formerly known as the Hastings Benevolent Fund (no. 219103) and the In 2009 the charities formerly known as the Hastings Benevolent Fund (no. 219103) and the BMA Medical Education Trust Fund (no. 1044720) were formally merged into the BMA Charities Trust Fund under a Charity Commission uniting direction. The assets, income and expenditure of each remained distinct, as did the objects of each of the Funds.
The members of the Board of Trustees between 1 January 2025 and 31 December 2025 were as follows:-
Dr L Patel (retired June 2025), Dr T Pickersgill (retired June 2025), Dr K Mehta, Dr M J Platt, Dr R Wijesuriya, Ms N Major (retired July 2025), Dr S Hull (retired June 2025), Mr K Ward, Dr R Barnett, Dr B Jheeta, Ms R Podolak (appointed July 2025), Dr A Kochhar (appointed June 2025) and Dr P Holden (appointed June 2025).
When appointed, Trustees are sent guidelines on the duties of Trustees, copies of the governing documents and a copy of the governance framework and code of conduct. New Trustees have a personal induction with the Chair and the Director. Trustees are given the opportunity to attend relevant training sessions through the year online and in person, when permitted. Most of the Trustees are medically trained and therefore well equipped to sit on the board of a medical benevolent fund. Several have previous experience of being a Trustee and/or business experience. The current composition of the Board of Trustees reflects a diversity of gender, race, age and medical specialty which ensures a good skills mix and works to the advantage of potential beneficiaries. All Trustees give their time voluntarily and receive no benefit from the Charity. Reasonable expenses for attending meetings are reimbursed. The Trustees meet at least four times a year to award grants, deal with administrative matters and set policy. The awarding of some grants to refugee and asylum-seeking doctors and to medical students is delegated to the Director.
The Trustees authorised the negotiation of remuneration, terms and conditions, and pension arrangements for employed staff to the Finance Sub Committee which considered whether an employee’s job description had changed within the preceding year and looked at national financial overview data, such as the consumer price index, inflation, evidence relating to pay change within the charities sector and levels of responsibility undertaken by the employee. In November, the staff of the Fund transferred to BMA Charities under the TUPE regulations.
The Fund was one of two charities administered as “BMA Charities” and, therefore, it benefitted from shared staffing arrangements and office accommodation. It is independent of the BMA and has its own Trustee structure.
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BMA CHARITIES TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
OBJECTIVES
Objects
The objects of the Charity as set out in the Trust Deed are to make grants to medical charities named in the Deed and other charities which help medical practitioners. The Hastings Fund’s objects are to make payments to members of the medical profession or their dependents who are in need of relief or assistance. The objects of the Medical Education Fund are to make payments to advance the medical education of students who are unable to receive a statutory grant and who are in need of assistance.
Aims
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit. The Trustees believe that there is no detriment or harm attaching to the Charity’s aims or activities.
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit. The Trustees believe that there is no detriment or harm attaching to the Charity’s aims or activities.
The Charity carried out its charitable purposes for the public benefit in the following ways:
(i) The Charity awarded grants to applicant charities once a year after consideration of their annual reports and accounts.
(ii) The Hastings Fund helped all doctors and their dependents and medical students experiencing a financial crisis, not just members of the BMA. In March 2026 the GMC stated that there were 411,062 registered medical practitioners in the UK. Together with retired doctors, medical students and dependents, this forms a substantial group within the UK population.
The Fund did not make general awards for “living costs” nor did it seek to maintain lifestyles. Assistance was given in the form of one-off grants for essential items. Most beneficiaries were not in full-time work and were living on state benefits, student loans or had a similar low income. Applicants who were in full employment could only apply for help with paying for their GMC retention fees and medical defence insurance as this enabled them to maintain their posts as doctors. Applicants who asked for help with debt were referred to the Fund’s money advisor whose services were retained on a case by case basis. Grants for medical students in immediate need were usually made for rent or essential travel, a typical grant being £1,000.
Much of the Fund’s work was with refugee and asylum-seeking doctors who wished to re-validate their qualifications so that they could practice in the NHS. The majority of these applicants were in receipt of meanstested state benefits and were eager to become independent and use their skills to benefit the country which has given them asylum. The grants the Fund made to this group enabled them pay for the courses and exams leading to GMC registration and the fees for GMC registration itself. The Fund only made these grants to doctors who are members of programmes which support refugee healthcare professionals back into work. This ensured that the doctors’ expectations of achieving GMC registration and work were well managed. Society as a whole benefits from the work of the Fund as there is a shortage of doctors throughout the UK (https://www.bma.org.uk/ advice-and-support/nhs-delivery-and-workforce/workforce/nhs-medical-staffing-data-analysis, accessed 15.04.2026). England alone needs nearly 40,000 additional, full-time doctors. In 2025 the Fund paid GMC registration fees to 19 doctors (2024 - 15) which means that these additional doctors are now available for work in the NHS.
The Trustees want to help doctors achieve or remain in work so that they are self-supporting and not dependent on the State, and to help medical students who are in danger of having to withdraw from their course because of lack of funds. The Fund does not help with legal fees, private medical treatment, conference attendance, career enhancement projects or postgraduate courses. All beneficiaries must be in receipt of their full state benefit or student loan entitlement
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BMA CHARITIES TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
(iii) The Medical Education Fund gave financial assistance to students at medical schools situated in the UK who are taking medicine as a second degree, irrespective of whether they are student members of the BMA. Most applicants were taking the five-year medical degree and were eligible to apply for help with their third and fourth years of study. Access to the Fund was limited to students who could demonstrate that they were over £25,000 in debt and paying no more than £9,535 a year in fees. The maximum grant for this group was £3,000.
The Trustees are particularly keen to support these students. They are often the most strongly committed to practising medicine but face enormous financial pressures because of the length of the course, debt from previous studies and the high course fees which are required to be paid up front each year. The students assisted by the Fund do not have access to the NHS Bursary Scheme nor to student loans to cover their tuition fees which are usually £9,535 a year. Frequently the students undertake paid work against the advice of their tutors. Money advice is offered to those students whose finances appear to be poorly managed or are particularly complex.
ACTIVITIES
During the year, the BMA Charities Trust Fund made no grants to external charities or internal funds (see notes 6, 7 and 8).
The Trustees authorised £92,678 in grants from the Hastings Fund to 49 beneficiaries, compared with £66,388 awarded to 42 beneficiaries in 2024. These 49 beneficiaries comprised 38 refugee doctors, 4 other doctors and 7 medical students in financial need. This Fund made an award to every applicant who was able to demonstrate appropriate financial need. £37,279 of grants awarded in previous years were reversed due to changes in recipients’ circumstances. This Fund benefitted from access to the De Silva Wijesekera Trust Fund, a very small, unregistered charity, and grants totalling £5,833.72 (2024: £4,746.50) were awarded to 11 (2024:7) additional medical students from this source.
The Medical Education Fund distributed £116,570 to 42 beneficiaries, compared to £147,670 awarded to 64 beneficiaries in 2024.
FINANCIAL REVIEW
Under the requirements of the Guidelines on Accounting and Reporting by Charities, the Board of Trustees has assessed the format of financial statements and is satisfied that the appropriate systems are in place. These procedures will be reviewed annually to ensure that they still meet the needs of the charity.
During the year the Charity’s income decreased by £144,238 from £311,055 to £166,817. The total value of fixed asset investments held by the charity was nil at the year-end as the assets were transferred to BMA Charities (see note 15).
Reserves
Total funds held by the Charity at the end of the accounting period were nil as the assets had been transferred to BMA Charities (see notes 21 and 22).
Investment portfolios provided the basis of the reserves of the Charity, with the intention of holding these assets for the longer term. Charitable expenditure was financed by the income generated from these investments and donations received. The Trustees received forecasts of investment income from the investment manager which they consider when authorising grant expenditure.
Whilst the Hastings Fund usually only helped each applicant once, the award that refugee and asylum-seeking doctors received might be in the form of a package of grants to take into account all of the stages leading to GMC registration. It may take the doctor three or four years from the start of the process to pass all the necessary exams and obtain registration, and grants awarded to these doctors were not written back until it was clear that they would not be used. Therefore, the amount written back varied from year to year.
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BMA CHARITIES TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Funding
The Charity’s main, consistent source of funding was investment income. For many years the Medical Education Fund has received substantial annual donations from the Worshipful Company of Barbers. In 2025 the Hastings Fund received a significant donation from the BMA.
The Charity raised some money from donors who set up standing orders. There was no fundraising via coldcalling or mailshots, which protects the public from undue pressure. The Charity did not use professional fundraisers or commercial participators. Employees did not benefit from fundraising outcomes. No fundraising complaints were received but a complaints policy is in place.
Investment Policy
The investment objective of the Charity was to achieve a consistently attractive level of income coupled with the potential for long term capital appreciation, whilst aiming to preserve the value of capital over the shorter term. The portfolio was fixed interest orientated with the remainder in a mix of global equities, convertible bonds and cash. The Trustees were content with the level of return in 2025 having taken into account ongoing fluctuations in market performance.
The Charity continued to operate its ethical investment policy of not investing in companies which manufacture tobacco products or have greater than 10% of their turnover in alcohol manufacture, armaments, gambling or pornography and avoiding companies that generate significant revenues from thermal coal and oil from tar sands. All of the Charity’s investments are in the Sarasin & Partners Climate Active Endowment Fund which is a multi-asset portfolio managed to take into account companies’ commitment to managing their own climate risks with divestment available if necessary. The Trustees have taken the view that, if they were to choose a less ethical investment policy, future donors from the medical profession, and in particular from BMA members, would be discouraged from supporting the Charity.
Social investment was not used by the Charity.
Pension Liability
The Charity has a contractual obligation to contribute to the Director’s personal pension plan. The Charity has a legal obligation to contribute to the part-time Caseworker’s pension via a workplace pension scheme. The Charity’s scheme is with Nest Pensions.
RISK MANAGEMENT
The Trustees have examined the major strategic business and operational risks which the Charity faces. The Charity does not engage in any high-risk activities and there is no face-to-face engagement with applicants and beneficiaries. The Trustees identified four key areas of risk and have put in place the following risk management strategies:
(1) Conflicts of interest – All Trustees are provided with the Charity Commission’s guide to the responsibilities of trustees. A conflicts of interest policy is in place and is available to Trustees at all times. Conflicts are declared when a Trustee is appointed and additional conflicts at the beginning of every Trustee meeting. The move to a CIO with a new board structure has lessen the possibility of conflicts arising.
(2) Loss of key staff – In the event of the Director being unavailable for work for a long period of time, the Trustees will approach an agency for a temporary replacement or consider staff/ex staff from other medical benevolent funds. The Chair can be given access to electronic records by IT support. A part-time member of staff has been employed to undertake grant processing for the Hastings Fund.
(3) Information technology – The Charity has two office laptops with automatic back-up to the cloud. Cyber security is in place on the office laptops and Director’s home laptop. GDPR, Data Security and Privacy policies are in place. Confidential electronic discussions with Trustees take place using MS Teams. IT support is provided by an external provider via their helpdesk. The provider also runs a monthly additional back-up. The website is maintained by an external agency. Cyber insurance is in place. Staff receive data protection training.
(4) Dependence on income sources – The Charity is mainly dependent on investment income. The levels of grants awarded by the Charity are commensurate with the liquid assets available and the need to preserve capital to enable continuity of grant giving. The board pursues a cautious investment policy via investment managers.
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BMA CHARITIES TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
THE FUTURE
The Trustees converted the charity to a Charitable Incorporated Organisation called BMA Charities (charity registration number 1214904) in November 2025 and the BMA Charities Trust Fund assets were transferred to the CIO. Therefore, the current charity cannot be said to be a going concern and will be removed from the Charity Commission register in due course.
The Trustees remain committed to continuing the current programmes of grant giving to refugee and asylumseeking doctors and to medical students via BMA Charities.
ACKNOWLEDGEMENTS
The Trustees would like to acknowledge the service received from Sarasin & Partners, our investment advisors, Wilsons, our solicitors, and Begbies, our accountants.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report was approved by the Board of Trustees.
Dr R Barnett Trustee Dated: 8 July 2026
Ms R Podolak Trustee Dated 8 July 2026
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BMA CHARITIES TRUST FUND
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BMA CHARITIES TRUST FUND
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BMA CHARITIES TRUST FUND
Opinion
We have audited the financial statements of BMA Charities Trust Fund (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter
We draw your attention to note 1.2 of the accounting policies. This note explains that the trustees have taken the decision to form a Charitable Incorporated Organisation (CIO) to carry on the work of the BMA Charities Trust Fund, and to close this charity.
Accordingly, this charity is not a going concern.
Our opinion is not modified in this matter.
Conclusions relating to going concern
We draw your attention to note 1.2 of the financial statements and the emphasis of matter paragraph.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BMA CHARITIES TRUST FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BMA CHARITIES TRUST FUND
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the accounts is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
– Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements and disclosure requirements. In particular, Accounting and Reporting by Charities: Statement of Recommended Practice;
– Enquiries and confirmation of management and the trustees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;
– Review of minutes of Board meetings throughout the period;
– incorporating unpredictability into the nature, timing and/or extent of testing.
– Evaluation of the selection and application of the accounting policies chosen by the charity; and
– We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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BMA CHARITIES TRUST FUND
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BMA CHARITIES TRUST FUND
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Begbies ..14/07/2026....................... Chartered Accountants Statutory Auditor 9 Bonhill Street London EC2A 4DJ
Begbies is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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BMA CHARITIES TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
| Current financial year Unrestricted Restricted Endowment Total funds funds funds 2025 2025 2025 2025 Notes £ £ £ £ Income from: Donations and legacies 3 15,598 40,347 - 55,945 Investment income 4 54,692 56,180 - 110,872 Total income 70,290 96,527 - 166,817 Expenditure on: Raising funds 5 828 - - 828 Charitable activities Grants to medical charities 7 53,440 - - 53,440 Grants to second degree medical students 7 - 153,269 - 153,269 Grants to provide financial assistance 7 - 87,530 - 87,530 Total charitable expenditure 53,440 240,799 - 294,239 Transfer to BMA Charities 12 3,526,551 973,469 2,213,511 6,713,531 Total resources expended 3,580,819 1,214,268 2,213,511 7,008,598 Net gains/(losses) on investments 88,547 30,997 54,513 174,057 Net movement in funds (3,421,982) (1,086,744) (2,158,998) (6,667,724) Fund balances at 1 January 2025 3,421,982 1,086,745 2,158,998 6,667,725 Fund balances at 31 December 2025 - - - - |
Total 2024 £ 159,528 151,527 |
|---|---|
| 311,055 | |
| 2,273 | |
| 53,974 174,060 69,768 |
|
| 297,802 | |
| - | |
| 300,075 | |
| 534,307 | |
| 545,287 6,122,438 |
|
| 6,667,725 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from discontinuing continuing activities.
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BMA CHARITIES TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
| Prior financial year Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Notes £ £ £ Income from: Donations and legacies 3 100,567 58,961 - Investment income 4 73,580 77,947 - Total income 174,147 136,908 - Expenditure on: Raising funds 5 970 - 1,303 Charitable activities Grants to medical charities 7 53,974 - - Grants to second degree medical students 7 - 174,060 - Grants to provide financial assistance 7 - 69,768 - Total charitable expenditure 53,974 243,828 - Total resources expended 54,944 243,828 1,303 Net gains/(losses) on investments 265,955 83,343 185,009 Net (outgoing)/incoming resources before transfers 385,158 (23,577) 183,706 Gross transfers between funds (25,000) 25,000 - Net movement in funds 360,158 1,423 183,706 Fund balances at 1 January 2024 3,061,825 1,085,321 1,975,292 Fund balances at 31 December 2024 3,421,983 1,086,744 2,158,998 |
Total 2024 £ 159,528 151,527 |
|---|---|
| 311,055 | |
| 2,273 | |
| 53,974 174,060 69,768 |
|
| 297,802 | |
| 300,075 | |
| 534,307 | |
| 545,287 - |
|
| 545,287 6,122,438 |
|
| 6,667,725 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from discontinuing continuing activities.
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BMA CHARITIES TRUST FUND
BALANCE SHEET
AS AT 31 DECEMBER 2025
| Notes Fixed assets Tangible assets 14 Investments 15 Current assets Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Capital funds Endowment funds - permanent 21 Restricted Income funds Restricted funds 22 Unrestricted funds |
2025 £ £ - - - - - - - - - - - - - - |
2024 £ £ 649 5,778,260 5,778,909 95,170 789,553 69,618 954,341 (65,525) 888,816 6,667,725 2,158,998 1,086,744 3,421,983 6,667,725 |
2024 £ £ 649 5,778,260 5,778,909 95,170 789,553 69,618 954,341 (65,525) 888,816 6,667,725 2,158,998 1,086,744 3,421,983 6,667,725 |
|---|---|---|---|
| 5,778,909 888,816 |
|||
| 6,667,725 | |||
| 2,158,998 1,086,744 3,421,983 |
|||
| 6,667,725 |
The accounts were approved by the Trustees on 8 July 2026
Dr R Barnett Ms R Podolak Trustee Trustee
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BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
Charity information
BMA Charities Trust Fund is an unincorporated charity registered with the Charity Commission for England and Wales as established by a Trust Deed in 1925.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing documents, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include investment assets at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the date of approving the accounts, the trustees had decided to continue the activities of the charity through a Charitable Incorporated Organisation (CIO), a specific type of incorporated organisation designed for charities. As an unincorporated charity cannot covert to a CIO in the same way as a charitable company, the charity was required to gift across to the new CIO all assets and liabilities and will then formally close.
On 7th November 2025 the trustees signed a merger agreement transferring all assets and liabilities to the new CIO, BMA Charities 1214904. As a result, at the date of approval of these accounts, the charity cannot be considered to be a going concern, even though the activities are to continue in the new CIO. Thus the accounts are not prepared on a going concern basis.
1.3 Charitable funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used.
The Medical Education Fund derives from the uniting direction and represents the formerly unrestricted reserves of the BMA Medical Education Trust Fund and its ongoing income and expenditure. The purpose of this fund is to give assistance to students at UK medical schools who are studying medicine.
The Hastings Fund derives from the uniting direction and represents the formerly unrestricted reserves of the Hastings Benevolent Fund and its ongoing income and expenditure. The purpose of this fund is to provide short-term financial assistance to members of the medical profession and/or their dependents.
The Colman Kenton Endowment is a permanent endowment, the income from which can be spent in accordance with the objects of the Medical Education Fund. The Medical Education Fund also holds investments, however these are not held as endowment funds.
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BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
The Hastings Endowment is a permanent endowment, the income from which can be spent in accordance with the objects of the former Hastings Benevolent Fund and so is allocated to the restricted Hastings Fund reserve.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation and added to the fund to which the underlying donation was given.
Legacies and similar incoming resources are included in the year in which they are receivable, which is when the fund becomes entitled to the resource.
The Charity SORP requires that an estimate is included in the accounts for material gifts in kind of donated services and facilities except time donated by general volunteers and trustees. The gift is included at an estimate of what the charity would otherwise pay for the goods or services. An expense is recognised in the accounts to match the income received.
Income from investments is included in the SOFA in the year in which it is receivable and is allocated to the relevant restricted and unrestricted funds.
1.5 Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
The cost of generating funds comprises the costs of promoting the charity to potential donors.
In accordance with the SORP provision is made for all grants authorised by the Board of Trustees in the year. Where grants are subject to conditions only those grants where all the conditions have been met at the year end are recognised in the accounts. The expense for the period is reduced by the cancellation of grants authorised but not subsequently required.
Governance costs are the costs associated with the governance arrangements of the charity. Costs are apportioned to the appropriate fund at an estimate of usage based on an estimate of staff time or fund size unless directly incurred.
The expenditure incurred with shared employment costs are included in the relevant charity at the net amount incurred.
The estimated current staff time percentages are Medical Education Fund second degree medical students 33%, Hastings Fund financial assistance 33% and grants to medical charities unrestricted funds 33%.
Support costs are the general costs incurred in support of meeting the charity's objectives. There is a single charitable objective of giving grants, but costs are apportioned to the appropriate fund, and so type of grant, at an estimate of usage based on an estimate of staff time or fund size unless directly incurred. The estimated current usage percentages for accountancy are Medical Education Fund second degree medical students 30%, Hastings Fund financial assistance 30% and grants to medical charities unrestricted funds 40%, with legal fees and ongoing IT contracts spread evenly across the three funds.
- 14 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
The charity's long term investments are held in units in collective investment funds. In accordance with the SORP the charity does not estimate investment management fees which are charged to the collective investment fund to identify the notional cost attributable to its own holding in the scheme.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Due to the collective nature of the investments held, the investment charges are levied directly to the investment by the investment provider, rather than as a charge to the charity portfolio directly. Due to the size of the portfolio some management charges may be refunded directly to the charity. Where this is the case the refund is reported within the investment income heading unless it is an addition to an endowment fund.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers & equipment Over four years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Other financial assets
The charity holds current assets in the form of listed investments. Those investments that are categorised as current assets are held in an investment fund containing short term money market instruments. Current asset investments are initially recorded at cost and are subsequently revalued to market value as at the balance sheet date.
- 15 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction. Financial liabilities classified as payable within one year are not amortised.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
The Dain Fund and the BMA Charities Trust Fund share the cost of employees whose salaries are apportioned across the two charities at an agreed percentage based on the percentage of time spent on each charity's affairs.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11 Exceptional item
As described in note 1.2, on the 7th of November a merger agreement transferred the assets and liabilities of the charity, including the above fixed assets, to BMA Charities 1214904. The total transferred was £6,713,531 disclosed in note 12.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
Grant liabilities
Grants include awards which are formed of a series of individual payments for specific items, such as a series of exams. The time taken by individuals to draw on the funds varies and some recipients may not draw all of their allocation. Due to the timing of the drawdown being outside of the control of the trustees once the grant has been awarded all unpaid grants are shown as creditors due within one year.
Outstanding grants are reviewed annually and if no further payment is considered likely the grant is written back.
During the 2024 year the Charity received notification of a legacy. This has been included at the Charity's share of the value of the estate as provided by the Executors, reduced by an estimate of costs.
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BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
3 Donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 2,848 39,847 Legacies receivable 5,250 500 Donated goods and services 7,500 - 15,598 40,347 Donations and gifts BMA - 8,550 Worshipful Company of Barbers - 28,750 De Silva Wijesekera Trust Fund - - LMC's - 1,912 Other 2,848 635 2,848 39,847 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 42,695 4,067 58,961 5,750 89,000 - 7,500 7,500 - 55,945 100,567 58,961 8,550 - 10,000 28,750 - 36,000 - - 10,000 1,912 - 2,824 3,483 4,067 137 42,695 4,067 58,961 |
Total 2024 £ 63,028 89,000 7,500 |
|---|---|---|
| 159,528 | ||
| 10,000 36,000 10,000 2,824 4,204 |
||
| 63,028 |
4 Investment income
| Unrestricted Restricted funds funds 2025 2025 £ £ Income from listed investments 53,612 55,127 Interest receivable 1,080 1,053 54,692 56,180 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 108,739 71,554 74,805 2,133 2,026 3,142 110,872 73,580 77,947 |
Total 2024 £ 146,359 5,168 |
|---|---|---|
| 151,527 |
- 17 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
5 Raising funds
| Unrestricted Endowment funds funds general £ £ Seeking donations, grants and legacies 828 - Investment management fee rebates - - 828 - For the year ended 31 December 2024 Seeking donations, grants and legacies 970 - Investment management fees - 1,303 970 1,303 |
Total 2025 £ 828 - 828 |
Total 2024 £ 970 1,303 |
|---|---|---|
| 2,273 | ||
| 970 1,303 |
||
| 2,273 |
6 Description of charitable activities
Grants between Hastings, Medical Education and Charities Trust Funds are shown as transfers between funds. In the current year the Charities Trust Fund gave £nil (2024 - £15,000) to the Medical Education Fund to support the grants given to students at UK medical schools.
The Charities Trust Fund gave £nil (2024 - £10,000) to the Hastings Fund to support doctors, medical students and their dependents who are experiencing financial difficulties.
Due to the structure of the charity, the support costs incurred by the Charities Trust Fund are shown below whilst the grants given to the Hastings Fund and the Medical Education Fund are shown as transfers between funds.
The Medical Education Fund gives financial assistance to students at medical schools situated in the UK who are taking medicine as a second degree, irrespective of whether they are student members of the BMA.
The Hastings Fund makes grants to doctors, medical students and their dependents experiencing financial difficulties, not just members of the BMA.
- 18 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
7 Charitable activities
| Grants to medical charities Grants to second degree medical students Grants to provide financial assistance 2025 2025 2025 £ £ £ Grant funding of activities (see note 8) - 116,570 55,399 Share of support costs (see note 10) 39,246 23,720 20,131 Share of governance costs (see note 10) 14,194 12,979 12,000 53,440 153,269 87,530 Analysis by fund Unrestricted funds 53,440 - - Restricted funds - 153,269 87,530 53,440 153,269 87,530 |
Total 2025 Grants to medical charities Grants to second degree medical students Grants to provide financial assistance 2024 2024 2024 £ £ £ £ 171,969 5,000 147,670 44,639 83,097 42,298 20,424 20,386 39,173 6,676 5,966 4,743 294,239 53,974 174,060 69,768 53,440 53,974 - - 240,799 - 174,060 69,768 294,239 53,974 174,060 69,768 |
Total 2024 £ 197,309 83,108 17,385 |
|---|---|---|
| 297,802 | ||
| 53,974 243,828 |
||
| 297,802 |
- 19 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
8 Grants payable
| Grants to second degree medical students Grants to provide financial assistance 2025 2025 £ £ Grants to institutions: Other - - Grants to individuals 116,570 55,399 116,570 55,399 |
Total 2025 Grants to medical charities Grants to second degree medical students Grants to provide financial assistance 2024 2024 2024 £ £ £ £ - 5,000 - - 171,969 - 147,670 44,639 171,969 5,000 147,670 44,639 |
Total 2024 £ 5,000 192,309 |
|---|---|---|
| 197,309 |
In 2025 no institutional grants were made and 91 grants to individuals including money advice. In 2024 1 institutional grant was made and 106 grants to individuals. In 2023 no institutional grants were made and 108 grants to individuals including money advice.
- 20 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
9 Trustees
There were no trustees in receipt of any remuneration during the year. Four trustees received travel and subsistence payments totalling £1,427 during the year (2024 - four - £1,360).
10 Support costs
| Staff costs Depreciation Office accommodation Website and IT costs Postage, telephone & stationery Bank charges Staff & trustee training HR costs Other costs Audit fees Accountancy Legal and professional Trustee meeting expenses Insurance Analysed between Charitable activities |
Support costs Governance costs £ £ 58,111 - 279 - 7,500 - 12,604 - 568 - 205 - - - 1,553 - 2,277 - - 3,960 - 5,108 - 27,840 - 1,427 - 838 83,097 39,173 83,097 39,173 |
2025 £ 58,111 279 7,500 12,604 568 205 - 1,553 2,277 3,960 5,108 27,840 1,427 838 122,270 122,270 |
2024 Basis of allocation £ 56,444 Estimated staff time 359 Charities Trust Fund 7,500 Charities Trust Fund 9,305 Estimated usage 357 Estimated usage 406 Direct allocation 335 Estimated usage 8,006 Charities Trust Fund 396 Direct allocation 3,960 Governance 5,108 Governance 6,066 Governance 1,360 Governance 891 Governance 100,493 100,493 |
|---|---|---|---|
Governance costs includes payments to the auditors of £3,960 (2024- £3,960) for audit fees, £4,752 (2024£4,752) for management accounts and £356 (2024- £356) for payroll services. All amounts include VAT.
During the year £27,840 was spent on legal costs relating to the transfer of the assets and liabilities of the new CIO BMA Charities 1214904.
The charity purchases Trustee Insurance at a cost of £326 (2024- £392).
- 21 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
11 Employees
Number of employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Grant administration | 2 | 2 |
| Employment costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries | 52,864 | 50,904 |
| Social security costs | 1,471 | 1,551 |
| Other pension costs | 3,776 | 3,989 |
| 58,111 | 56,444 |
There were no employees whose annual remuneration was £60,000 or more before the costs were shared with The Dain Fund. The share of total key management remuneration for the year incurred by the BMA Charities Trust Fund, including employer national insurance and pension, totalled £45,123 (2024: £48,490).
- 22 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
12 Other expenditure
| Unrestricted | **Restricted ** | Endowment | Total | Unrestricted | **Restricted ** | Endowment | Total | |
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | funds | |||
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| Transfer to BMA Charities | 3,526,551 | 973,469 | 2,213,511 | 6,713,531 | - | - | - | - |
On the 7th of November a merger agreement transferred the assets and liabilities of the charity to BMA Charities 1214904.
- 23 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
13 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Computers & equipment | |
| £ | |
| Cost | |
| At 1 January 2025 | 2,457 |
| Transfer to BMA Charities | (2,457) |
| At 31 December 2025 | - |
| Depreciation and impairment | |
| At 1 January 2025 | 1,808 |
| Transfer to BMA Charities | (1,808) |
| At 31 December 2025 | - |
| Carrying amount | |
| At 31 December 2025 | - |
| At 31 December 2024 | 649 |
On the 7th of November a merger agreement transferred the assets and liabilities of the charity, including the above fixed assets, to BMA Charities 1214904.
15 Fixed asset investments
| Fixed asset investments | |||||
|---|---|---|---|---|---|
| Charities | Medical | Colman | Hastings | Total | |
| Trust Fund | Education | Kenton Fund | Fund | ||
| Fund | |||||
| Market valuation | £ | £ | £ | £ | £ |
| At 31 December 2024 | 2,852,970 | 766,292 | 305,060 | 1,853,938 | 5,778,260 |
| Valuation changes | 72,033 | 19,348 | 7,703 | 46,810 | 145,894 |
| Transfer to BMA Charities | (2,925,003) | (785,640) | (312,763) | (1,900,748) | (5,924,154) |
| At 31 December 2025 | - | - | - | - | - |
| Historic cost | |||||
| At 31 December 2025 | - | - | - | - | - |
| At 31 December 2024 | 2,333,790 | 627,090 | 249,669 | 1,516,879 | 4,727,428 |
- 24 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
15 Fixed asset investments
(Continued)
As at 31st December 2024 the above portfolio was invested in Climate Active Endowment Class A Income units by Sarasin and Partners LLP.
The charity sought to minimise the risks of holding investments, which comprised mainly market, yield and liquidity risks, through the appointment of an independent Investment Manager, who invested via common investment funds specifically tailored for charities of this nature. The trustees report contains further details of the charity's investment policy.
The holding of common investment units allowed the charity to access increased diversification at a lower cost than would otherwise be available, and so decreased the risks of holding investments.
On the 7th November 2025 a merger agreement transferred the assets and liabilities of the charity, including the above investments, to BMA Charities 1214904.
16 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Amounts due from The Dain Fund Other debtors Prepayments |
2025 £ - - - - |
2024 £ 5,664 89,084 422 |
| 95,170 |
At the 2024 balance sheet date the Charity had been informed of a legacy due with an estimated value of £89,000. The legacy was included in other debtors. In 2025 £55,000 was received before the assets were transferred and a further instalment is expected.
On the 7th of November a merger agreement transferred the assets and liabilities of the charity, including the above debtors, to BMA Charities 1214904.
17 Current asset investments
| Current asset investments | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Listed investments | - | 789,553 |
Current asset investments comprised Blackrock Institutional Sterling Liquidity Heritage Accumulator units and Fidelity Sterling Fund units and are stated at market value. These investments were held to reduce liquidity risk whilst generating a higher interest return than cash holdings.
On the 7th of November a merger agreement transferred the assets and liabilities of the charity, including the above current asset investments, to BMA Charities 1214904.
- 25 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
18 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Grants payable Accruals |
2025 £ - - - |
2024 £ 59,660 5,865 |
| 65,525 |
On the 7th of November a merger agreement transferred the assets and liabilities of the charity, including the above creditors, to BMA Charities 1214904.
19 Defined contribution scheme
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge in respect of defined contribution schemes was £3,776 (2024- £3,989).
20 Analysis of net assets between funds
| Unrestricted Funds Restricted Funds Endowment Funds 2025 2025 2025 £ £ £ Fund balances at 31 December 2025 are represented by: - - - Unrestricted Funds Restricted Funds Endowment Funds 2024 2024 2024 £ £ £ Fund balances at 31 December 2024 are represented by: Tangible assets 649 - - Investments 2,852,970 766,292 2,158,998 Current assets/(liabilities) 568,364 320,452 - 3,421,983 1,086,744 2,158,998 |
Total 2025 £ |
|---|---|
| - | |
| Total 2024 £ 649 5,778,260 888,816 |
|
| 6,667,725 |
- 26 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
21 Endowment funds
| Balance at 1 January 2024 £ Permanent endowments Colman Kenton 279,240 Hastings 1,696,052 1,975,292 |
Resources expended £ (321) (982) (1,303) |
Gains and losses Balance at 1 January 2025 Resources expended £ £ £ 26,141 305,060 (312,763) 158,868 1,853,938 (1,900,748) 185,009 2,158,998 (2,213,511) |
Gains and losses Balance at 31 December 2025 £ £ 7,703 - 46,810 - 54,513 - |
Gains and losses Balance at 31 December 2025 £ £ 7,703 - 46,810 - 54,513 - |
|---|---|---|---|---|
| - |
The Colman Kenton Endowment is a permanent endowment, the income from which can be spent in accordance with the objects of the Medical Education Fund and so is allocated to the restricted Medical Education Fund reserve.
The Hastings Endowment is a permanent endowment, the income from which can be spent in accordance with the objects of the Hastings Fund and so is allocated to the restricted Hastings Fund reserve.
On the 7th November the endowment funds were transferred to BMA Charities.
- 27 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
22 Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| Movement in funds Balance at 1 January 2024 Income Grants and other costs £ £ £ £ Medical Education Fund 976,677 78,072 (174,060) Hastings Fund 108,644 58,837 (69,768) 1,085,321 136,909 (243,828) |
Transfers between funds £ 15,000 10,000 25,000 |
Investment movements £ 76,080 7,262 83,342 |
Movement in funds Balance at 1 January 2025 Income Grants and other costs Transfers between funds £ £ £ £ 971,769 51,477 (1,048,971) - 114,976 45,049 (165,297) - 1,086,745 96,526 (1,214,268) - |
Investment movements Balance at 31 December 2025 £ 25,725 - 5,272 - 30,997 - |
|
| 1,086,745 | - |
The Medical Education Fund reserves derive from the uniting direction and represent the formerly unrestricted reserves of the BMA Medical Education Trust Fund and its ongoing income and expenditure. The purpose of this fund is to give assistance to students at UK medical schools who are studying medicine as a second degree.
The Hastings Fund reserves derive from the uniting direction and represent the former unrestricted reserves of the Hastings Benevolent Fund and its ongoing income and expenditure. The purpose of this fund is to provide short-term financial assistance to members of the medical profession and/or their dependents.
On the 7th of November a merger agreement transferred the assets and liabilities of the charity to BMA Charities 1214904.
- 28 -
BMA CHARITIES TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
23 Related party transactions
The BMA Charities Trust Fund receives free use of office accommodation from the BMA. A gift in kind value has been placed on this donation of £7,500 as were the accommodation not provided the Charity would rent equivalent accommodation of this cost elsewhere. The BMA has also donated £8,500 to the Hastings Fund (2024- £10,000 to the Medical Education Fund).
The Dain Fund and the Charities Trust Fund share the cost of two employees whose salaries are apportioned across the two charities at an agreed percentage based on a fixed estimate of time spent on each charity's affairs. During the year the Charities Trust Fund had five trustees who are also trustees of the Dain Fund (2024:5). No donations were made by the Dain Fund during the year (2024 - nil)
The charity is required to disclose key management salaries. There are two shared employees of the charity, as outlined above, and their remuneration is detailed in note 12 and in the Dain Fund accounts. At the balance sheet date the Dain Fund owed the Charities Trust Fund £nil (2024 - £5,664) under this arrangement.
There were no further transactions with trustees aside from reimbursed expenses disclosed in note 9 and insurance in note 10.
On the 7th of November a merger agreement transferred the assets and liabilities of the charity totalling £6,713,531, to BMA Charities 1214904.
- 29 -